How can I get my card takings and deposits into my bank the same day?

The Basics
What are Instant Payouts?

An Instant Payout sends money from your Stripe balance to your bank account or eligible debit card straight away, rather than waiting for your usual scheduled payout. Funds typically arrive within minutes.

How is this different from my normal payouts?

Your standard payouts still happen automatically on your normal schedule and take a few working days to reach your bank. Instant Payouts are an extra option you choose when you want money sooner. Nothing changes unless you decide to use it.

Which payments can I pay out instantly?

Two types of payment count towards your Instant Payout balance:

• Online deposits taken through SalonIQ
• Card payments taken on IQ Pay card terminals, if your salon uses IQ Pay

Cash, and card payments taken on any other card machine, aren't included because they don't go through your Stripe account.

When does my money become available to pay out instantly?

Online deposits and IQ Pay terminal payments are usually available to pay out instantly within about 15 minutes of the payment going through.

Why would my salon use it?

Salons tell us it helps when cash needs to move fast, for example:

• Paying your team or self employed stylists on time after a busy weekend
• Restocking colour, products or retail stock before you run low
• Covering rent, bills or supplier invoices without dipping into savings
• Handling unexpected costs, like a broken basin or dryer
• Getting through quieter months or the run-up to Christmas

Getting set up
What do I need to use Instant Payouts?

You need a Stripe account connected within SalonIQ. That's the main requirement. If your salon already takes online deposits or payments through SalonIQ, you most likely have one already.

How do I connect my Stripe account?

You are unable to connect an existing Stripe account to SalonIQ, you can, however, create a new one by following the steps below;

In SalonIQ go to Menu > Settings > Online > IQ Pay > IQ Payments > Accounts tab. Follow the necessary steps to create your Stripe account within SalonIQ.

Is every salon eligible?

Not always straight away. Stripe checks each account before switching Instant Payouts on, looking at things like how long the account has been taking payments and its payment history. Newer accounts may need to build up some history first. If you're not eligible yet, keep taking payments as normal and check again later.

How do I know if I'm eligible?

You will be notified of an Instant Payout being possible by going to Menu > Settings > Online > IQ Pay > IQ Payments > Payouts tab. See example below of what you will see when you are eligible.

To make an instant payout click on the "Payout Instantly button'

You'll then see the following pop-up screen;

You choose the bank account you'd like the money going into to, as well as the amount. You'll see a total fee for withdrawing the amount before you click 'Pay Out'.

Does it happen automatically?

No. You choose Instant Payouts each time you want one. Your normal scheduled payouts carry on as usual in the background.

Can I pay out at the weekend or on a bank holiday?

Yes. That's when most salons use it. Instant Payouts work 24 hours a day, 7 days a week, including Christmas, Boxing Day, Easter and the other UK bank holidays.

Where does the money go?

To the bank account linked to your Stripe account, or to an eligible debit card. Most UK high-street bank accounts can receive Instant Payouts.

Is there a limit on how much I can pay out?

You can pay out up to the amount shown as available to pay out instantly. Limits can apply per payout, especially for newer accounts, and the screen will always show what you can take.

Can I cancel an Instant Payout?

No. Because the money is sent straight away, an Instant Payout can't be reversed once confirmed. Double-check the amount before you tap pay out.

Fees
How much does an Instant Payout cost?

There is a small percentage fee on each Instant Payout: 1.6% per payout (or £5 minimum per payout whichever is greater). The fee is taken from the amount you pay out.

For example, at a 1% fee, paying out £500 would cost £5 and you would receive £495.

Do I pay anything if I don't use it?

No. There's no monthly charge or set-up fee. You only pay when you choose to make an Instant Payout, and standard payouts stay free.

Will I see the fee before I confirm?

Yes. The fee and the amount you'll receive are shown before you confirm every payout.

Getting more with IQ Pay
What extra do I get if I use IQ Pay card terminals?

With a Stripe account alone, Instant Payouts apply to the online deposits your clients pay when they book through SalonIQ. With IQ Pay, the card payments you take on your terminals in the salon go into the same balance, so your day-to-day takings can be paid out instantly too.

In practice that means a busy Saturday's card takings can be in your bank on Saturday evening, not the following week.

There are many benefits to IQ Pay supporting your salon from boosting your client retention, access to Capital when you need it, incentivising your team with Tips via Revolut and so much more.

How do I get IQ Pay?

Contact our IQ Pay team by emailing pay@saloniq.com we can't wait to hear from you. 

Troubleshooting and help
I can't see the Instant Payout option. Why?

The most common reasons are:

• Your Stripe account isn't connected to SalonIQ yet
• Your account isn't eligible yet, often because it's new
• There's no money currently available to pay out instantly
• Your bank account or card can't receive Instant Payouts

My available amount is lower than my total balance. Why?

Only some of your balance may be ready to pay out instantly. Very recent payments can take around 30 minutes to become available, and only online deposits and IQ Pay terminal payments count. The rest will still arrive in your normal scheduled payout.

My Instant Payout hasn't arrived. What should I do?

Most payouts arrive within minutes, but occasionally your bank may take a little longer. If it hasn't arrived after an hour or two, contact the SalonIQ support team with the date, time and amount.

Is it safe?

Yes. Payments and payouts are handled by Stripe, which processes payments for millions of businesses, and your money goes only to the bank account or card linked to your own account.